Standard Chartered Bank has announced a donation of Ugx 133 Million to Uganda Red Cross (Ugx 113 million) and Uganda Bankers Association(Ugx 20 million) to support the fight against COVID 19 locally.
The Bank revealed that it has committed USD1 billion globally to finance manufacturers and distributors in the pharmaceutical industry and healthcare providers helping tackle Covid-19 on preferential terms in the form of loans, import/export finance or working capital facilities that they use for day-to-day business operations to help them tool up, and help existing manufacturers get their products to market.
The preferential financing will also be extended to non-medical companies that have volunteered to add this capability to their manufacturing output – goods in scope including; ventilators, face masks, protective equipment, sanitisers and other consumables. The Bank will help companies switch into these hugely in-demand items, assist them get their processes up and running more quickly; and at the same time, ensure that existing manufacturers and service providers get the support they need. All financing will be subject to companies having received regulatory approvals to manufacture the goods.
Albert Saltson, the CEO – Standard Chartered Ugandacommenting on the various interventions said;
“In line with the Bank’s brand promise – Here for good, we are committed to going beyond banking to stand with our clients and staff in this uncertain time. Our priority is their wellbeing and safety as well as ensuring that the clients access financial services and business continuity support. To support the fight against COVID 19 we are extending Ugx 113 million to Uganda RedCross Society and contributed Ugx 20 million to Uganda Bankers Association relief efforts. Globally, we have unveiled a $50 million fund to help our affected communities. $25 million will be availed to provide emergency relief in our most affected markets while an additional $25 million will be used to help communities recover from the economic impact of the virus. We know this is not an easy time for all our stakeholders, but we are committed to support them in every step of the way as the situation evolves.”
In line with the Bank’s brand promise – Here for good, the Bank is committed to going beyond banking to stand with itsclients and staff in this uncertain time. The Bank’s priority is the wellbeing and safety of its staff and clients as well as ensuring that the clients access financial services and business continuity support. To ease the financial impact of Covid 19, the Bank has announced various initiatives to support its Corporate and Retail clients which include;
With Standard Chartered Bank’s international network, clients can access a wide range of experts and resources providing them with real time advice, insights and guidance on how they can protect and prepare their businesses for the volatility of COVID-19 as well as manage risks and adjust their banking needs. This support is also extended to the Bank’s vendors whose invoices can now be submitted online for payments to be made during the lockdown period. The bank is also supporting its vendors’ business continuity by supporting them to safeguard their wellbeing and that of their employees.